TSCPIX Blog

Developer Wins, Opponents Lose, The Story of Jersey City’s First Micro-Unit Project

A saga involving a building of “micro units” averaging around 340 sq. ft. each has been unfolding in Van Vorst over the last half decade, and the battle appears to be over following a court ruling. But to understand how a building so dense is coming to the neighborhood, one must take a look at Jersey City’s complicated zoning process.

The story of the development goes back all the way to November 2011, when Jersey City officials adopted the Bright & Varick Redevelopment Plan. It was designed to spur development on a property that was formerly used as temporary classroom trailers for nearby PS#3 and MS#4, which consists of just a single tax lot.

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Article from Jersey Digs
By Chris Fry

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Facebook expands to over 500K sf at Vornado’s 770 Broadway

Facebook signed a 78,000-square foot lease at Vornado Realty Trust’s 770 Broadway, expanding its footprint in the building to 513,000 square feet.

Vornado’s CEO Steve Roth announced the deal during an earnings call Tuesday, Commercial Observer reported. The real estate investment trust freed up the space by buying Kmart out of its lease for the floor Facebook is taking. The retailer will still occupy 82,000 square feet in the landmarked, 1 million-square-foot building in Midtown South.

The Real Deal reported last month that Vornado was working on clearing space in the building to allow Facebook to expand. The social media giant now has a total of 513,000 square feet.

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Article from The Real Deal
By Konrad Putzier

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles

CBRE: Growth of pharma, biotech firms offers bright future for R&D space in N.J.

Despite years of consolidation by Big Pharma, New Jersey is one of a handful of markets that stand to gain from a promising growth trajectory for the U.S. life sciences sector.

That is among the findings of a new CBRE report, which points to what it says is a long-term expansion track for pharmaceutical, biotechnology and medical device manufacturing companies across the country. That expansion will be due in large part to the aging U.S. population, technology and increased funding amid mounting pressure to find new treatments — creating an opportunity for real estate markets that can support research and development.

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Article from Real Estate NJ
By Joshua Burd

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles

Lotus Equity unveils Riverfront Square anchor building

Developer Lotus Equities announced it is set to build the country’s largest mass timber office building at the site of the former Newark Bears Stadium, now called Riverfront Square. The building, designed by Michael Green Architecture is set to encompass up to 500,000 square feet and will aim to cater to tenant wellness and environmental sustainability.

“To build the nation’s largest timber building in Newark speaks to the confidence and belief we have in the city and Riverfront Square as a world-class location that can compete with any great city around the world,” Ben Korman, CEO and founder of Lotus Equity Group said in a release.

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Article from NJBIZ
By Mario Marroquin

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Holmdel OKs plan for rooftop hotel at Bell Works

Local officials have cleared the way for Somerset Development to build a new 200-room hotel atop Bell Works, its adaptive reuse of the iconic Bell Labs complex in Holmdel.

The town’s planning board last week granted approvals for the project, which calls for constructing the facility on the roof of the mixed-use, 2 million-square-foot building. The single-story hotel will line the perimeter of the roof, the developer said, allowing it to preserve a historic 60,000-square-foot photovoltaic skylight that spans the length of the building.

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Article from Real Estate NJ
By Joshua Burd

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles
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